Yes. Phillips notes that:
"Corporations facing Darwinian markets and globalization pressures have spared few efforts to curb defined-benefit pension obligations, minimize wages, and reduce employee and retiree health costs."
An excellent example of the modern corporate response: cost-cutting.
However, competition does not describe blindness or greed. I don't see how competition is related to deregulation as you describe it. You are forgetting that those involved in the system are in no position to judge. I don't feel that competition in a market sense can be an attributable factor to what we are describing when those involved would essentially be in competition with everything about what they were doing. To compete in a sense that Phillips would include in the book would mean an individuals or a corporations competition with the very financial system. An event I lack example for.
As Phillips says:
"Unfortunately, it is entirely relevant to note the greed factor."
An explanation for why things are they way they are.
uncomfortable changes you are forced into making to survive
accumulation of a surplus for no other apparent reason than to reinforce the intensity of the surplus, wholly unmindful of present or future consequences to others or, in extreme examples, to yourself